Membership for Georgia’s Credit Unions on the Uptick

In Georgia, credit unions are experiencing growth thanks to attractive terms for borrowers. According to the ""Georgia Credit Union Affiliates"":http://www.gcua.org/ (GCUA), the state recorded a 3.3 percent uptick in membership during 2011.

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The rise in membership represents a 1 percent improvement over credit union growth for 2010. Georgia residents moving their business to the credit union sector cited lower fees and

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better interest rates for many services as the chief catalysts behind their decision to pursue membership.

The state's credit unions added 24,700 members in the fourth-quarter of 2011, and in an official statement, the GCUA said that the coinciding announcement of fee hikes at one major bank was likely responsible for the strong improvement during last year's final quarter. Additionally, total assets among Georgia's credit unions increased in 2011, jumping 6.5 percent to end the year.

Numbers from the GCUA's semi-annual Member Benefits Index indicate that credit unions provided an estimated $114.2 million in direct financial benefits to the state's 1.8 million members in the form of better interest rates and fewer or lower fees. The survey also showed that the average member household saved $118 by utilizing credit union services.

Mike Mercer, president and CEO of the GCUA, said of the findings, ""Although the economy has begun to show steady improvement, Georgians remain cautious and continue to seek financially prudent alternatives that help them afford life.""